We present a multi-country theory of economic growth in which countries are connected by a network of mutual knowledge … country depends on its connections to the rest of the world and on the human capital of the countries it is exchanging … knowledge with. We show how the diffusion of knowledge through the world explains the evolution of global income inequality. It …

Bergstrand and Egger (2007) on Rest of World GDP. …

This paper investigates the contribution of private and public channels for consumption risk sharing in the EMU over … estimating how risk sharing has evolved since the start of the EMU, and in particular during the recent crisis. Our results …

market development through the resolution of political risk. We argue that a sustained privatization program represents a … improvements in perceived political risk. Our analysis further shows that changes in political risk in general tend to have a … political risk resulting from successful privatization has been an important source for the rapid growth of stock markets in …

the insurance sector. The downside risk of insurers is explicitly modelled by common and idiosyncratic risk factors. Since … reinsurance is important for the capacity of insurers, we measure risk dependence among European insurers and reinsurers. The … results point to a relatively low insurance sector wide risk. Dependence among insurers is higher than among reinsurers. …

Empirical measures of world consumption growth risk have failed to rationalize the cross-section of country equity … returns. We propose a new factor, termed "the global consumption factor", to explain the patterns in risk premiums on … from 47 developed and emerging market countries over a four-decade period. Our risk factor reflects changes in the cross …